{"id":1666,"date":"2016-03-05T22:28:38","date_gmt":"2016-03-05T22:28:38","guid":{"rendered":"http:\/\/suretyone.com\/blog\/?p=1666"},"modified":"2017-01-03T16:20:29","modified_gmt":"2017-01-03T16:20:29","slug":"indiana-public-official-bond-laws-changed-in-2015","status":"publish","type":"post","link":"https:\/\/suretyone.com\/blog\/indiana-public-official-bond-laws-changed-in-2015\/","title":{"rendered":"Indiana Public Official Bond Laws Changed in 2015"},"content":{"rendered":"<p>Surety bond underwriters, sureties and individuals with a morbid interest in understanding the statutes underlying public official bond obligations should take a look at the new requirements that an <strong>Indiana public official bond<\/strong> must meet. The law (Indiana Senate Enrolled Act 393) modified the Indiana Code\u00a0Section\u00a05-4-1-5.1 to more clearly define what positions must be bonded and legitimize the &#8220;stacking&#8221; of bond liability, clearly a concern to sureties and their underwriters.<\/p>\n<p>The law requires every elected or appointed officer, official, deputy, employee,\u00a0or contractor\u00a0of a political subdivision who is required by section 18 to\u00a0file a public official bond to guarantee faithful performance of his or her duties, except the county recorder and deputies and employees of the\u00a0recorder,\u00a0must file the <strong>surety bond<\/strong>\u00a0with the fiscal officer of the political\u00a0subdivision and\u00a0in the office of the county recorder in the county in which the bonded party resides. The county\u00a0recorder and deputies and employees of the recorder\u00a0must file\u00a0with the county auditor and\u00a0in the office of the clerk of the\u00a0circuit court in the appropriate jurisdiction.<\/p>\n<p>Except as provided in subsections (j),\u00a0and (k) of the statute,\u00a0the fiscal bodies of the respective units must set the <a href=\"https:\/\/suretyone.com\" target=\"_blank\">public official bond<\/a> penalty\u00a0of\u00a0city controllers, city clerk-treasurers, town clerk-treasurers, Barrett Law\u00a0fund custodians, county treasurers, county sheriffs, circuit court clerks,\u00a0township trustees, and conservancy district financial clerks as follows:<br \/>\n(1) The amount must equal thirty thousand dollars ($30,000) for\u00a0each one million dollars ($1,000,000) of receipts of the officer&#8217;s\u00a0office during the last complete fiscal year before the purchase of<br \/>\nthe bond, subject to subsection\u00a0(2).<br \/>\n(2) The amount may not be less than thirty thousand dollars\u00a0($30,000) nor more than three hundred thousand dollars\u00a0($300,000) unless the fiscal body approves a greater amount for\u00a0the officer or employee.<br \/>\n*County auditors shall file bonds in amounts of not less than thirty\u00a0thousand dollars ($30,000), as fixed by the fiscal body of the county.<\/p>\n<p>Those Indiana public official bond principals not defined above but that are\u00a0required to file an individual bond,\u00a0will be directed to file the appropriate amount by the\u00a0fiscal body of the policital unit as follows:<\/p>\n<p>(1) If the person is not described in subsection (a)(7) of the statute,\u00a0then the bond must be no less than\u00a0fifteen thousand dollars ($15,000).<br \/>\n(2) If the person is described in subsection (a)(7),\u00a0then the bond must be no less than\u00a0than five thousand dollars ($5,000)<\/p>\n<p>*A controller of a\u00a0solid waste management district established under IC 13-21 or\u00a0IC 13-9.5 (before its repeal) must provide an <strong>Indiana public official\u00a0bond<\/strong> in an\u00a0amount:<br \/>\n(1) fixed by the board of directors of the solid waste management\u00a0district; and<br \/>\n(2) that is at least thirty thousand dollars ($30,000).<\/p>\n<p>There is an exception to the preceding requirements. The state board of\u00a0accounts may fix the amount of the Indiana public official bond for a city controller, city\u00a0clerk-treasurer, town clerk-treasurer, Barrett Law fund custodian,\u00a0county treasurer, county sheriff, circuit court clerk, township trustee,\u00a0or conservancy district financial clerk at an amount that <span style=\"text-decoration: underline;\">exceeds<\/span> thirty\u00a0thousand dollars ($30,000) for each one million dollars ($1,000,000)\u00a0of receipts of the officer&#8217;s office during the last complete fiscal year\u00a0before the purchase of the surety bond not to\u00a0exceed three hundred thousand dollars ($300,000). The\u00a0increased bond\u00a0penalty\u00a0may be required\u00a0only if the state\u00a0examiner issues a report under IC 5-11-5-1 that includes a finding that\u00a0the public officer engaged in malfeasance, misfeasance, or nonfeasance that\u00a0resulted in the misappropriation of, diversion of, or inability to account\u00a0for public monies.<\/p>\n<p>Now, for the &#8220;not good&#8221; part. Each <strong>Indiana public official bond<\/strong> must have a term of one (1) year commencing\u00a0on the first day of the:\u00a0(A) calendar year;\u00a0(B) fiscal year of the political\u00a0subdivision or governmental\u00a0unit; or\u00a0(C) individual&#8217;s service in the office or employment\u00a0position for which a bond is required.\u00a0Consecutive\u00a0annual surety\u00a0bonds must be provided each year even for those public officials that are elected, appointed or employed for multiple year terms. The statute clearly states that each consecutive bond\u00a0<em>must\u00a0provide separate coverage for each year<\/em>. The aggregate\u00a0liability of the surety FOR ONE YEAR is the\u00a0penalty specified on the bond. The Surety and Fidelity Association of American and interested parties are purportedly working with the State to modify this onerous provision.<\/p>\n<p>National surety leader, Surety One, Inc. offers this class of bond to all elected and appointed officials at all levels of government and all political subdivisions. \u00a0Our\u00a0special underwriting strategy permits us to\u00a0offer an <a href=\"https:\/\/suretyone.com\" target=\"_blank\">public official surety bond<\/a>\u00a0to an public officer regardless of his or her credit situation. For more information visit us at\u00a0<a title=\"Surety One\" href=\"https:\/\/suretyone.com\/\" target=\"_blank\">SuretyOne.com<\/a>, call (800) 373-2804, or email us at\u00a0Underwriting@SuretyOne.com.<\/p>\n<p>#SuretyOne #publicofficialbond #publicofficialbonds #surety #sureytbond #suretybonds #politics<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Surety bond underwriters, sureties and individuals with a morbid interest in understanding the statutes underlying public official bond obligations should take a look at the new requirements that an Indiana public official bond must meet. The law (Indiana Senate Enrolled&#8230; <a class=\"more-link\" href=\"https:\/\/suretyone.com\/blog\/indiana-public-official-bond-laws-changed-in-2015\/\">Continue Reading &rarr;<\/a><\/p>\n","protected":false},"author":1,"featured_media":1667,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"image","meta":[],"categories":[300],"tags":[2037,2039,2036,2038,1976,1978,1734,1871,51],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v17.7.1 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Indiana Public Official Bond Laws Changed in 2015 &bull; Surety One, Inc.<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/suretyone.com\/blog\/indiana-public-official-bond-laws-changed-in-2015\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Indiana Public Official Bond Laws Changed in 2015 &bull; Surety One, Inc.\" \/>\n<meta property=\"og:description\" content=\"Surety bond underwriters, sureties and individuals with a morbid interest in understanding the statutes underlying public official bond obligations should take a look at the new requirements that an Indiana public official bond must meet. 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